On Friday (10.02.2017) the Federal Administrator of Public Revenues (AFIP), Alberto Abad, signed the first agreement with the head of the Government of the City of Buenos Aires, Horacio Rodríguez Larreta, intended for the exchange of tax information and the simplification of tax procedures.
The signed agreement, will allow the exchange of information of fiscal interest that can contribute both the AGovernment Administration of Public Revenue (AGIP) and General Administration of Control (AGC) son the register of property owners and their valuations, agents of withholding and collection of Gross Income, register of taxpayers of the Tax on Sports or Recreational Vessels, from the Public Registry of Administrators of Horizontal Property Consortiums, taxi and remise permit records, construction permits and completion thereof, and any other information that may be relevant to the AFIP.
With this information, the AFIP will be able to carry out specific inductions to citizens for which there is information on assets that should be declared in the Tax Disclosure Statement.
The It includes the commitment to safeguard the information respecting the current laws on Personal Data Protection, Banking Secrecy and Tax Secrecy.
Remember that the March 31st, inclusive, is the deadline to disclose the holding of undeclared assets in the country and abroad, as established by Law 27.260.
After March 31, the AFIP will apply the usual rates on each citizen's assets.
If the AFIP detects other undeclared assets, all benefits of the Sincerity Process will be lost, and the taxes owed will have to be paid with the corresponding interest and fines.
Only a tolerance of $305.000 or 1% of the amount disclosed, whichever is less, will be allowed.
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